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Senator: Oil export ban 'outdated relic'

Murkowski's report shows other developed countries all ship

U.S. Sen. Lisa Murkowski, R-Alaska, released a report Thursday that shows America is the only advanced nation in the world that employes a ban on oil exporting. She’s calling the report, “A Ban for One: The Outdated Prohibition on U.S. Oil Exports in Global Context.” The report shows that countries like Australia, New Zealand and the United Kingdom are net importers of oil that also export oil for a variety of reasons, such as quality of exported oil not matching domestic demand.

“The ban on oil exports is an outdated relic of a bygone era that puts the United States at a disadvantage in the global market,” Murkowski said. “The current energy revolution provides us with an opportunity to once again become a major energy producer and exporter, not just a consumer. It’s an opportunity that will create jobs, badly needed economic activity, and ensure that the production boom continues.”

The report states that net importing countries that also export serve as an example that there are economic benefits of importing and exporting different grades of oil based on demand and cost.

It concludes that “the United States would strengthen its trading ties, improve economic efficiency, and enhance its posture around the globe,” if it lifted a “de facto” ban on crude oil exports.

According to the report, all it would take for some of that economic potential to be realized is the President issuing a finding that “greater oil exports are in the national interest.”